ugg boots price New version will be shaped like old threepenny bit
The coin in the same gold and silver colours as the euro will force firms and councils to make expensive changes to parking meters, vending machines and shopping trolleys.
In a report published today, the Royal Mint estimates that an astonishing 45million 1 coins 3 per cent of the total are fake.
The 1 coin has been in use since 1983 much longer than the normal life cycle for legal tender of its value and 1.5billion were in circulation as of March 2013. The outdated technology used to make the coin leaves it vulnerable to sophisticated counterfeiters.
Its replacement will be roughly the same size with security features including bi metallic construction, the 12 sided design and the use of iSIS integrated Secure Identification System. This means an additive is built into coins which can be authenticated by high speed scanners.
The technology will allow vending machines to spot fakes much more easily.
Coins are the responsibility of the Royal Mint and together with the Banks decision to produce polymer banknotes, this change will enhance the security and integrity of the currency.
John Sheridan, counterfeit currency expert at the National Crime Agency, said: The issuing of a new coin with enhanced security features will make it more difficult for criminals to copy as well as presenting increased opportunities for law enforcement to investigate and disrupt the producers and distributors of counterfeit currency.
The bill to convert parking meters,
vending machines and phone boxes to take the new coin may be as high as 100million.
Some of the cost will be carried by councils, potentially diverting cash from other work, such as filling pot holes.
Town halls complained bitterly when new thicker 5p and 10p coins were introduced in 2012. They said the change would cost them 5.5million.
The new burden will mainly fall on firms operating 400,000 machines selling everything from train tickets to hot drinks and snacks. Supermarket trolleys, payphones and fruit machines will also have to be upgraded.
Kelvin Reynolds, of the British Parking Association, said members had expressed concerns about a rise in counterfeits and the inconvenience this caused motorists whose coins are rejected by payment machines